Subject: Exchanges - Instinet

Instinet is a professional stock trading system, founded by
Reuters and now owned by Nomura. Institutions use the system to trade
large blocks of shares with each other without using the public stock
exchanges. Commissions are slightly negotiable but generally low.

Instinet also runs a crossing network of the NYSE last sale at 6pm. A
"cross" is a trade in which a buyer and seller interact directly with
no assistance of a market maker or specialist. These buyer-seller
pairs are commonly matched up by a computer system such as Instinet.